Skip to main content

An industrial site for sale on Dean Street across from the planned arena parking lot promises change

An industrial building on the south side of Dean Street a bit east of Carlton Avenue--across from the future surface parking lot for the Atlantic Yards arena--is for sale, and the broker suggests it could be high-density residential, while offering a rendering (below left) that suggests, at minimum, ground floor retail serving arena-goers.

The site offers a substantial 65,000 square feet, which would support not just a restaurant but a small multi-store complex.

The 1951 building, which offers two stories above ground and one story below ground, is zoned M-1, aimed for light manufacturing, but in which "[o]ffices, hotels and most retail uses are also permitted." Residential is more iffy. (Photo above and below right are from Google Street View)

It offers a 140-foot frontage and a significant potential footprint, according to the advertisement from Winick Realty Group:
  • 16,500 Square Feet Ground Floor (ceiling 11½ -12 feet)
  • 21,370 Square Feet Second Floor (ceiling 11½ –12 Feet)
  • 26,722 Square Feet Lower Level (12-14 Feet Lower Level)
No price is listed, but a previous sales effort, via another broker, priced the building at $5 million.

Winick also promotes an "all glass front," parking for 90 cars, and cites, as neighbors, "Nets Arena, Barclays Arena, Atlantic Terminal, Atlantic Yards, Atlantic Center."

An industrial facility, a residential block

Actually, the neighbors are more residential, with some manufacturing. For more than a decade, the building has been home to a facility operated by the Ulano Corporation, which has its headquarters on Third Avenue in the Gowanus district and, according to its website, "specializes in the manufacture of stencil-making products and chemicals for screen process printing."

Unlike some industrial facilities across the street, which were fallow, there have been industrial operations there until recently, one neighbor told me, and they may even be ongoing. (I'll update this when I learn more.)

It has co-existed on a block with both residential and industrial spaces. (Here's a photo by Tracy Collins of some ball playing outside.) As the top photo indicates, to the west, closer to Carlton, there are more residences. The Prospect Heights Historic District, as this zoning map indicates, is just a few doors away.
 
And, as the photo at right indicates, to the east, there's an industrial facility--a laundry operated by Primo Uniform Services--and another building, with a seemingly industrial lower level and residences above. That building--behind the "No Parking" sign--is occupied by artists' workspaces and live/work lofts, and is also owned by Ulano.

Beyond that, there are several residences that have been converted from manufacturing spaces, including one that graced a recent Corcoran mailing

The AY connection

The south side of Dean Street is not part of the Atlantic Yards footprint. But Atlantic Yards is clearly part of the pitch,, as are the numerous new residential developments detailed on the map at left, prepared by Winick Realty Group.


This map emphasizes the retail potential of the site.


It also mistakenly delineates the Atlantic Yards site as "Barclays Center/Atlantic Yard," without acknowledging that Block 1129, bounded by Dean and Pacific streets and Carlton and Vanderbilt avenues, is also part of the project site.




Some documents

Below, the sales brochure from Winick, as well as some documents regarding the history of the site. They indicate a bond issue from the New York City Industrial Development Agency (NYC IDA) as of 1999, for Ulano to renovate, and the sale of the building by the NYC IDA in 2010 to Ulano, which had made advanced  payments on the outstanding bonds.


594DeanWinick

594 Dean

594 Dean A

594DeanB

594DeanC

Comments

Popular posts from this blog

Forest City acknowledges unspecified delays in Pacific Park, cites $300 million "impairment" in project value; what about affordable housing pledge?

Updated Monday Nov. 7 am: Note follow-up coverage of stock price drop and investor conference call and pending questions.

Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.

The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.

While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…

Revising official figures, new report reveals Nets averaged just 11,622 home fans last season, Islanders drew 11,200 (and have option to leave in 2018)

The Brooklyn Nets drew an average of only 11,622 fans per home game in their most recent (and lousy) season, more than 23% below the announced official attendance figure, and little more than 65% of the Barclays Center's capacity.

The New York Islanders also drew some 19.4% below announced attendance, or 11,200 fans per home game.

The surprising numbers were disclosed in a consultant's report attached to the Preliminary Official Statement for the refinancing of some $462 million in tax-exempt bonds for the Barclays Center (plus another $20 million in taxable bonds). The refinancing should lower costs to Mikhail Prokhorov, owner of the arena operating company, by and average of $3.4 million a year through 2044 in paying off arena construction.

According to official figures, the Brooklyn Nets attendance averaged 17,187 in the debut season, 2012-13, 17,251 in 2013-14, 17,037 in 2014-15, and 15,125 in the most recent season, 2015-16. For hoops, the arena holds 17,732.

But official…

At 550 Vanderbilt, big chunk of apartments pitched to Chinese buyers as "international units"

One key to sales at the 550 Vanderbilt condo is the connection to China, thanks to Shanghai-based developer Greenland Holdings.

It's the parent of Greenland USA, which as part of Greenland Forest City Partners owns 70% of Pacific Park (except 461 Dean and the arena).

And sales in China may help explain how the developer was able to claim early momentum.
"Since 550 Vanderbilt launched pre-sales in June [2015], more than 80 residences have gone into contract, representing over 30% of the building’s 278 total residences," the developer said in a 9/25/15 press release announcing the opening of a sales gallery in Brooklyn. "The strong response from the marketplace indicates the high level of demand for well-designed new luxury homes in Brooklyn..."

Maybe. Or maybe it just meant a decent initial pipeline to Chinese buyers.

As lawyer Jay Neveloff, who represents Forest City, told the Real Deal in 2015, a project involving a Chinese firm "creates a huge market for…

Is Barclays Center dumping the Islanders, or are they renegotiating? Evidence varies (bond doc, cash receipts); NHL attendance biggest variable

The Internet has been abuzz since Bloomberg's Scott Soshnick reported 1/30/17, using an overly conclusory headline, that Brooklyn’s Barclays Center Is Dumping the Islanders.

That would end an unusual arrangement in which the arena agrees to pay the team a fixed sum (minus certain expenses), in exchange for keeping tickets, suite, and sponsorship revenue.

The arena would earn more without the hockey team, according to Bloomberg, which cited “a financial projection shared with potential investors showed the Islanders won’t contribute any revenue after the 2018-19 season--a clear signal that the team won’t play there, the people said."

That "signal," however, is hardly definitive, as are the media leaks about a prospective new arena in Queens, as shown in the screenshot below from Newsday. Both sides are surely pushing for advantage, if not bluffing.

Consider: the arena and the Islanders can't even formally begin their opt-out talks until after this season. The disc…

Skanska says it "expected to assemble a properly designed modular building, not engage in an iterative R&D experiment"

On 12/10/16, I noted that FastCo.Design's Prefab's Moment of Reckoning article dialed back the gush on the 461 Dean modular tower compared to the publication's previous coverage.

Still, I noted that the article relied on developer Forest City Ratner and architect SHoP to put the best possible spin on what was clearly a failure. From the article: At the project's outset, it took the factory (managed by Skanska at the time) two to three weeks to build a module. By the end, under FCRC's management, the builders cut that down to six days. "The project took a little longer than expected and cost a little bit more than expected because we started the project with the wrong contractor," [Forest City's Adam] Greene says.Skanska jabs back
Well, Forest City's estranged partner Skanska later weighed in--not sure whether they weren't asked or just missed a deadline--and their article was updated 12/13/16. Here's Skanska's statement, which shows th…

Not just logistics: bypassing Brooklyn for DNC 2016 also saved on optics (role of Russian oligarch, Shanghai government)

Surely the logistical challenges of holding a national presidential nominating convention in Brooklyn were the main (and stated) reasons for the Democratic National Committee's choice of Philadelphia.

And, as I wrote in NY Slant, the huge security cordon in Philadelphia would have been impossible in Brooklyn.

But consider also the optics. As I wrote in my 1/21/15 op-ed in the Times arguing that the choice of Brooklyn was a bad idea:
The arena also raises ethically sticky questions for the Democrats. While the Barclays Center is owned primarily by Forest City Ratner, 45 percent of it is owned by the Russian billionaire Mikhail D. Prokhorov (who also owns 80 percent of the Brooklyn Nets). Mr. Prokhorov has a necessarily cordial relationship with Russia’s president, Vladimir V. Putin — though he has been critical of Mr. Putin in the past, last year, at the Russian president’s request, he tried to transfer ownership of the Nets to one of his Moscow-based companies. An oligarch-owned a…